According to the commission, other investment companies had voluntarily surrendered their licences, while others were facing liquidity challenges.

At a press conference in Accra on Tuesday, April 2, 2019, the director-general of the SEC, Daniel Ogbamey Tetteh, said the commission was working on deepening the capacity of industry players to help ensure that they have the right people in place.

The event provided an opportunity for the SEC to brief the media on how it was addressing ongoing issues and complaints in the asset management industry.

Tetteh said the SEC had, since 2018, directed some fund managers not to accept any new fixed-term deposits, since their money was currently locked up in one investment or another and, therefore, they were unable to unwind their activities, although they were in distress.